Two communications today from Xfire, the social networking tool for PC gamers, indicate that the service has been sold off and most of its development team will be leaving as a result. Update: Titan Gaming has acquired Xfire.

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At about 3:15 p.m. Pacific Time, Xfire members received the following message:

Xfire was bought by new owners today. Most of the team that has built Xfire over the last six years is leaving. We enjoyed working for you for the last 127 releases and wish we could stay to create the next 127. Good bye, good luck, and game on. - The Xfire Team

A similar message could be found on the Xfire front page.

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August 2, 2010—Xfire has been purchased by another company. Most of the team that has brought you Xfire for the last 6 years is leaving, including me. We've enjoyed our time and I personally am sad that I was only able to do 127 releases. Good bye and game on!

- Chris

Xfire, with more than 16 million users, allows PC gamers to network amongst each other and streamlined matchmaking in many games down to one free client. Headquartered in Silicon Valley, it was acquired by Viacom, the parent company of MTV Networks, in April 2006.

Update: At 7:30 p.m. Kotaku received the following statement from Titan Gaming CEO John Maffei.

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Titan Gaming has purchased Xfire. The terms of the purchase are undisclosed. Titan will be taking on the Xfire name, with a focus towards ongoing innovation in the gaming space. The Xfire services will continue uninterrupted for its users. Xfire redefined how gamers communicate, Titan intends to build upon this tradition and utilize the Xfire platform to help gaming companies better engage and monetize their games.

Titan Gaming, based in Santa Monica, Calif., is the developer of a platform that helps games makers create skill-based competitions. It was incorporated in 2006.